If you’re older and are looking for life insurance, there are some strategies you can implement to get more affordable coverage to meet your needs. Jumping into the first policy you find may not be your best choice – you’ll need to do a little bit of research to find a policy that meets your needs and fits your budget.
Here are five steps to show you how to find cheap life insurance for senior citizens:
#1 Consult an Independent Life Insurance Agent
You should know up front that shopping for life insurance can be confusing. But by starting off on the right foot with an industry expert on your side, you’ll save yourself time and can take advantage of their experience to help you get the best price for your needs, budget and circumstances.
They can do your shopping for you...saving you considerable time and most likely money. They know which companies will be most likely to give you the best possible underwriting rating...thereby saving you money. They also have access to many more companies than you can easily find to quote on the internet. There is no cost for using an agent and many companies will not deal directly with consumers.
#2 Comparison Shop
Anytime you’re considering making an investment in something - and life insurance is definitely an investment – you don't want to buy the first thing you come across.
Instead you need to research and compare to find the best deal. Sound like a lot of work? That’s why step #1 is so important! Your agent can do your comparison shopping for you. Remember they understand the process and can help you understand.
Your agent can show you a list of carriers....that will show you the pricing so you can compare one to another.
#3 Explore Options
There are different options depending on your needs. If you need a modest policy to cover funeral and final expenses, a universal or whole life policy can be affordable and worry-free.
If you want more coverage, but only for a limited time, a term life policy may suit you better. If you need coverage for your lifetime, you need to look at permanent policies (universal life and whole life).
Your independent agent can help you decide. What you are trying to accomplish with this coverage will help determine the best policy to fulfill your goals. Then you have to fit it to your budget, or adjust your goals.
#4 Consider Health Concerns
If you’re a smoker, carrying extra weight or are diabetic, life insurance will most likely cost more. Consider quitting tobacco use and getting healthier to get cheaper insurance. You’ll have to make the changes stick for at least a year to get a better deal, but it’s worth it for your health and your wallet!
You can get some inexpensive short term coverage while you are getting healthier, as you don’t want to leave your loved ones without a safety net. Again this is where an independent agent can really help...they know which carriers will look at your "issues" more favorably. Every insurance company has a build chart they follow...some are more lenient than others.
For smokers, it depends what you smoke. An occasional cigar can be written as a non-smoker, but only with certain carriers. Your agent will know who.
#5 Research Providers
If you did step #1, you’ll have someone to do this on your behalf! Certain companies are more lenient for specific medical considerations. Some companies are stronger financially...and that may impact your choice of company.
If your independent agent has their own underwriter, they may be able to work with the insurance provider’s underwriter to get you a more affordable rate and will know which companies are likely to offer you the best deal based on your personal situation.
The Bottom Line
If you really want to know how to find cheap life insurance for senior citizens, the answer is to consult a knowledgeable and experienced professional. Because there are a wide range of products to choose from, plus health, medical and financial considerations, it only makes sense to rely on the expertise of an Independent Life Insurance Agent to advise you and ensure you get the best life insurance deal for your budget and your lifestyle.